Corporation Tax

You must pay Corporation Tax on profits from doing business as:

• a limited company
• any foreign company with a UK branch or office
• a club, co-operative or other unincorporated association, eg a community group or sports club

You don’t get a bill for Corporation Tax. There are specific things you must do to work out, pay and report your tax.

• Register for Corporation Tax when you start doing business or restart a dormant business.
• Keep accounting records and prepare a Company Tax Return to work out how much Corporation Tax to pay.
• Pay Corporation Tax or report if you have nothing to pay by your deadline - this is usually 9 months and 1 day after the end of your ‘accounting period’.
• File your Company Tax Return by your deadline - this is usually 12 months after the end of your accounting period.

Your accounting period is normally the same 12 months as the financial year covered by your annual accounts.

Profits you pay on Corporation Tax

Taxable profits for Corporation Tax include the money your company or association makes from:

• doing business (‘trading profits’)
• investments
• selling assets for more than they cost (‘chargeable gains’)

If your company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad.

If your company isn’t based in the UK but has an office or branch here, it only pays Corporation Tax on profits from its UK activities.

Taking Money Out

                        UK Limited Company - Taking Money Out

If you want the company to pay you a salary, expenses or benefits, you must register the company as an employer with HM Revenue and Customs

The company must take Income Tax and National Insurance contributions from your salary payments and pay these to HMRC, along with employers’ National Insurance contributions.

If you or one of your employees makes personal use of something that belongs to the business, you must report it as a benefit and pay any tax due.

Dividends

A dividend is a payment a company can make to shareholders if it has made enough profit.

You can’t count dividends as business costs when you work out your Corporation Tax.

Your company mustn’t pay out more in dividends than its available profits from current and previous financial years.

You must usually pay dividends to all shareholders.

To pay a dividend, you must:

hold a directors’ meeting to ‘declare’ the dividend

keep minutes of the meeting, even if you’re the only director

Dividend paperwork

For each dividend payment the company makes, you must write up a dividend voucher showing the: date, company name, names of the shareholders being paid a dividend, amount of the dividend.

You must give a copy of the voucher to recipients of the dividend and keep a copy for your company’s records.

Tax on dividends

Your company doesn’t need to pay tax on dividend payments. But shareholders may have to pay Income Tax if they’re over £5,000.

For dividends above £5000, one will pay at a basic rate of 7.5% for dividend up to £32,000 and a higher rate for dividend up to £43,000.

Director Responsibilities

         UK Limited Company - Director Responsibilities

If you have set up a limited company, there are a number of duties you will have for e.g. legal and financial responsibilities, if you are a director of a company. The Companies Act of 2006 outlines some of the duties of a company director

Duties of limited company directors

Duty to act within your powers as a company director

Duty to promote the success of your company

Duty to exercise independent judgment

Duty to exercise reasonable care, skill and diligence

Duty to avoid conflicts of interest

Duty not to accept benefits from third parties

Duty to declare interest in proposed transaction or arrangement with the company

Financial Responsibilities

As a company director, you have several accounting-related obligations. Although you should employ a business accountant to perform all (or most) of these tasks, you are ultimately responsible to ensure that all tasks are carried out:

Keep good accounting records from which accounts can be prepared which give a true and fair representation of the financial position of the company.

You must submit accurate company accounts, and file them on time with Companies House.

You must submit your corporation tax return (Form CT600) to HMRC and pay any tax liabilities due.

You must deal with the correct payment of staff (and yourself) – including the deduction of income tax and national insurance contributions, where they apply.

You must trade solvently, ensuring that you are able to meet the financial liabilities of your business. Legal responsibilities of company directors

You are responsible for completing and filing a Confirmation Statement or annual statement every year as it was previously called.

To produce and maintain a register of Persons with Significant Control (also known as a “PSC register”). The PSC Register must be filed, as part of the Confirmation Statement, with Companies House annually.

To submit forms to Companies House to notify of any changes in the particulars of company director(s) or company secretary.

Notify Companies House if you change your registered company address.

You must always act in the interests of the company shareholders. This means that the directors cannot enrich themselves in a way that damages the company.

Registered Office Address UK

               Limited Company- Registered Office Address UK

Your registered office address is where official communications will be sent, for example letters from Companies House and HM Revenue and Customs (HMRC).

The address must be:

• A physical address. You can use a PO Box but must include a physical address and postcode after the PO Box number.

• In the same country your company is registered in, for example a company registered in Scotland must have a registered address in Scotland

• You can use your home address or the address of the person who will manage your Corporation Tax if these addresses meet the rules above.

• Your company address will be publicly available on the register.

If you wish to keep your home address private you can use our registered office address service. The office address is located at Surrey for only £60.

Change of Registered Address

You must tell Companies House if you want to change your company’s registered office address. If the change is approved, they will tell HM Revenue and Customs (HMRC).

Your company’s new registered office address must be in the same part of the UK that the company was registered (incorporated).

For example, if your company was registered in England and Wales, the new registered office address must be in England or Wales.

Your address won’t officially change until Companies House has registered it.

You can submit form AD01 online to change your registered office details.

Director and Shareholder Information

Limited Company UK - Director and Shareholder Information

Limited Company Directors and Shareholders

Directors:

A director of a limited company is responsible for the management of the company. The shareholders appoint directors to see to the day to day running of the business.

Directors often own shares in the company they work for:

When two or three people start a company together, they often see themselves as partners in the business. Usually, they will allocate shares to themselves and appoint themselves as directors. However, they should always be aware of the different roles of directors and shareholders.

Many large companies issue shares to directors and key employees, as part of a bonus package. Some companies insist that their directors buy shares in the companies they manage. Share ownership is intended to align directors’ interests with that of their employers; the other shareholders.

Who can be a director?

Anyone can be a director subject to the following:

*They must be at least 16 years of age.

*They are not disqualified by a Court Order.

*They are not an undischarged bankrupt.

It is also worth noting that:

*A director does not need to be a UK resident

*A corporate body can be a director, but a company requires at least one human director.

Information about directors

Companies House needs the following information about each director:

* First Name

* Last name

* Director’s service address, if different from home address.

If the director is a corporate body, the following information is required:

*First and Last name of authorised person

*Name of Company or organisation

* Registration Number

*Place registered

*And, if it is resident in a Non-EEA member state:

o            The law that governs it.

o            The Legal Form of organisation.

And, to deal with the absence of a signature, the answers to 3 authentication questions, taken from any of the following:

1-mother’s maiden name- the first 3 letters

2-father’s first name-the first 3 letters

3-Colour of eyes-the first 3 letters

4-telephone number-the last 3 digits

5-town of birth-the first 3 letters

6-National insurance number- the last 3 digits

7-Passport number-the last 3 digits

Director’s Service address

Companies House will publish an address for a director, on their web site. Publication enables official notices and correspondence to be sent to directors. However, publication means that a director’s address is no longer private. In order to allow directors to retain their privacy, Companies House will also accept a service address. It is the service address that will be published. We offer directors a FREE service address, if their Company is using our Registered Service.

Who is a Shareholders?

Companies are jointly owned by their shareholders, who are also known as members. A shareholder’s stake in a company is represented by the number of shares (units of ownership) he owns.

Unless sanctions apply, almost anyone has the legal capacity to be a shareholder in a UK registered limited company.

Individuals, trusts, partnerships, other corporate bodies and Governments, wherever resident, can be shareholders.

Subscribers The first shareholders are the subscribers to the company’s memorandum of association. They agree to buy the number of shares allocated to them.

There are 3 ways to become a shareholder in a company:

By subscription to the Memorandum of Association when forming a new company.

By gift or purchase of shares from another shareholder.

By subscription to a new issue of shares by the company.

The information required:

First Name

Last name

Full postal address

To deal with the absence of signatures in the online process the 3 authentication questions same as above can be selected.

HOW SIMPLE IS IT TO FORM A UK LIMITED COMPANY?

          HOW SIMPLE IS IT TO FORM A UK LIMITED COMPANY?

Majority of the companies registered at UK are private limited companies by share. This is a popular structure because directors can be anywhere from the world, they need not be a UK resident. He can run his business from his home country. You just need a registered office address at UK.

1.            Advantages:          

One director

One shareholder

Director and shareholder can be one and the same person.

Formation takes only 3 hours.

Company formation is completely an online process. There are no documents to sign.

UK registered address: no need to separately hire a place for a starting company. They can use their home address / accountant address.

2.            Compliance:

At the end of the financial year, accounts must be prepared and filed with Companies house and tax office (HMRC) before their due dates.

For Companies House: Accounts should be filed within 9 months of the financial year end.

For Tax office (HMRC): Tax return should be filed within 12 months after the end of the accounting period it covers. If tax liability is there, Corporation tax should be paid within 9 months and 1 day after the end of the accounting period.

3.            Cost: Cost for forming UK ltd Company is £ 13.

4.            HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd. is a very cost effective business consultancy firm that offers company formation in London, business consultancy in Birmingham, accounting and taxation services in Edinburgh. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company in UK to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. We provide the best online company formation in Edinburgh. Our UK business start-up packages will help you to start company formation in London. We offer company formation UK, Birmingham company formation, UK Limited company formation, fast and free online company formation UK, vat services uk, tax services uk, payroll services uk, management accounting in UK, Bookkeeping services UK, best company formation UK, New company formation UK, company formation plan UK, online company formation UK, business start-up and Cheap company formation UK. Global Company Formation UK Ltd provide Company Formation Cambridge, Camden, Aberdeen, Haringey, Bromley, Bexley, Hackney, Redbridge, Harrow and Havering.

Deciding on the Business Structure

Once you have decided on starting your company the next step is to decide which business structure to choose. You must look at the pros and cons, the ongoing filing and the tax related matters. There are four main start-up structures. They are mainly:

Sole trader

Limited Liability company or partnership (LLP)

Partnership

Public limited Company (PLC)

Develop your Business Plan UK

A business Plan is a key factor for start-up and taking your business ahead. It is a road map that helps you to your goals. Having a business plan has proved to be a vital factor in the initial phase of the business no matter whether your business is big or small. Writing a business plan helps you to prioritize your company’s goals and pin down how you will attain it. It can include your market research, strategies, product development, finance and investment plan, etc.

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